A few charts for those who follow this blog regularly:
Firstly, the U.S. dollar:
The U.S. dollar is butting-up against resistance on the monthly chart. This is obviously a big level and would dictate moves in other markets, depending on the outcome. Breaking through here could lead to further dollar gains.
If we pull-back, I would expect another test towards this level.
Gold:
A rally occurred recently in gold, but seems to have died out (FED/Stocks) a little. $1250 is initial resistance to see if we can continue to $1400. Failure to get above here could see the next leg down for a low.
Oil:
Oil is still weak. A weekly close under $50 and we may see lower 40s soon. A counter-trend rally should come soon in oil, which get all talking about a bottom. $35/40 is a good place for a bottom but we might not see significant oil gains again until 2016, or beyond...
Showing posts with label US dollar. Show all posts
Showing posts with label US dollar. Show all posts
Thursday, 8 January 2015
Wednesday, 17 December 2014
USD/CAD update
The plunging oil price has knocked the wind out of the Canadian dollar and price is approaching a key zone; highlighted by the gold rectangle.
The top dotted line near 1.1800 signifies 'The last low before the high', which is often a strong support or resistance level. A breach of that resistance would clear the way for a run at 1.3000.
Labels:
Canadian dollar,
FX,
Techincal Analysis,
US dollar,
USD/CAD
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